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Financial News: Fitch Maintains South Korea's Sovereign Ratings

Fitch Maintains South Korea's Sovereign Ratings

07/22/2021 - 02:32:00 (RTTNews)

(RTTNews) - Fitch Ratings maintained the sovereign ratings of South Korea with a 'stable' outlook, on Thursday.

The agency said 'AA-' rating balances robust external finances, resilient macroeconomic performance and moderate fiscal headroom against geopolitical risks related to North Korea and medium-term structural challenges from an ageing population.

The economy is forecast to grow 4.5 percent this year. The robust export performance helped the economy to return to pre-coronavirus levels by the first quarter of 2021.

Although a recent increase in coronavirus cases posed downside risks to the domestic consumption recovery in the second half of this year, the accelerated pace of the vaccination rollout will support sustained recovery in consumption through 2022.

Fitch expects the general government fiscal deficit to widen to 4.4 percent of GDP in 2021 from 3.7 percent in 2020, still below the 5.3 percent 2021 'AA' median. The deficit is seen narrowing to 2.6 percent of GDP with the government's plan deficit reduction measures.

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